TierPoint is seeking $125 million in securitized notes in its Series 2024-1 fundraising round.

The funding round has been rated class B (BBB-) by the Kroll Bond Rating Agency (KBRA) with a loan-to-value (LTV) of 45.7 percent. The loan is expected to be repaid by April 2029 but has a final maturity of April 2054.

This is the third series of notes issued by TierPoint, all of which share the same collateral pool, including fee simple ownership interests in nine multi-customer enterprise data centers across eight markets, and leasehold interests in 22 enterprise data centers across 19 markets. The 31 data centers make up 703,895 sq ft (65,395 sqm) of data center space and 64.6MW of critical load power.

KBRA said in a report: "In addition to the issuance of the Series 2024-1, Class B Notes, the existing Series 2023-2, Class A-2 Notes will be upsized from $475 million to $900 million." This brings the total Series 2023 notes to $1.485bn.

The Series 2024-1 notes are subject to TierPoint's "Green Finance Framework" which means that an amount equal to the net proceeds from the sale of the notes will be used to finance or refinance a portfolio of eligible green assets. Those projects could include energy-efficient investments in data center infrastructure that targets a PUE of 1.5 or lower for data centers built before 2020, or 1.45 or lower for those built after 2020.

TierPoint was founded in 2010 and has a total of 40 data centers in the US, including the 31 used as collateral in the securitization round.

In March 2022, Argo Infrastructure Partners invested $500 million in TierPoint, making it the largest single equity investor in the company. Later that year, the company completed construction on its St Louis, Missouri data center.

In January 2024, TierPoint acquired a data center in Fort Worth, Texas.